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. the eu is offering $13 billion to rescue those banks. but to get it, the government must tax individual deposits held by banks in cyprus. that's the hot button issue. that pushed some citizens to run to bank branches and withdraw as much of their money as possible before those banks were closed. >> joining us right now with insights on this developing story is former u.s. treasury secretary lawrence summers. nice to see you again. thanks for joining us. >> good to see you, maria. >> let me ask you first your read on this. i guess the ultimate question is, you know, how likely is what's happening in cyprus happening -- likely to happen in the united states? but, first, are you surprised by this? characterize how you see this situation in cyprus playing out. >> look, this was a tactical blunder alongside a strategy adrift. the things in europe have gotten better in the last six months. but europe was not out of the woods. there's still much that has to be done both in terms of reform on the financial side and in terms of assuring that there's demand there as austerity is imposed in the de
competitor are governments that operate airlines. and the second thing is our government needs to solve the sequester problem. >> got it. well, it's interesting that you bring this up, because this is obvious the issue that's front and center for so many corporations out there, that this dysfunction in washington. but in terms of your own investing, we talked off-camera a moment ago. you bought into a mexican company. where around the world, aside from the united states, are you seeing growth and where are you investing your money? >> we have big investments in mexico. we're an owner in aeromexico and have an exclusive partnership with them. mexico is a wonderful place to do business. balanced budgets, strong gdp, low unemployment. the second place is gal airlines in brazil, the largest domestic carrier in brazil. and we're in the process of buying 49% of virgin atlantic airways, to form a giant venture across the transatlantic. >> good to have you on the program. >> you're nice to have me. appreciate it very much. >> richard anderson, ceo of delta airlines joining us today. >>> we have
, if the company is doing fine, there's no governance issues, you don't have a problem. if you've got a problem, it's time to separate the two. >> exactly. >> by the way, i forgot to wish you happy world water day. >> oh, thank you so much. and to you as well. >> thank you so much. no one has the day off, there are no hallmark cards for this day, but this is an opportunity to look at companies that are looking to conserve water and make money doing it at the same time. >> yes, it is. and bertha coombs has the story of an oil man using water no one can ever use again for fracking. bertha? >> that's right, maria. the drought in texas is now entering its third year and it's grown more severe as the water-intensive fracking boom has exploded in the lone star state. you can see the orange and the red, that's extreme drought in 90% of the state. now, a couple of oil and gas veterans think they've found a win-win solution. tiny alpha solutions is tapping into the one source of water that is growing in texas, municipal waste water. they've contracted to buy the effluent that's normally disarranged into wat
the crisis, the response of the government was, in fact, to increase the level of, you know, deposit or account sizes that were insured. so i consider that to be extremely unlikely in the united states. >> tom lee, "l.a. times." would you be in favor of reducing the flow of stimulus if we had another month or two, as we did in february, of job growth and the unemployment rate dropping, but the long-term unemployed didn't change much? and on a related question, how much of a pickup do you expect to see in the labor force participation rate and what would we need to see there for that to show substantial improvement? >> on the first question, as i said, i mean, that's a decision for the committee. we're going to have to make a judgment about how significant the improvement is, how sustained it is. long-term unemployment is one dimension of the unemployment problem. but, i think that probably the best way to get the long-term unemployed back to work is to get an overall strong labor market. and i think that's -- we'd be looking at the overall key indicators, like overall unemployment ra
, the government of ireland did not want to bail out senior bondholders and banks. but the european central bank insisted that they do so. they were apoplectic about that idea. today they wiped out the senior bondholders. not just senior bondholders. european investors and investors in europe should be on notice as of today that you have to be more careful when you're investing in european banks and you should have known that long before the dutch finance minister said what he said today. now, here's why the cyprus situation is unique. that's when it comes to punishing uninsured depositors. cyprus's banking system is huge relative to the size of its economy. their banks are almost all entirely deposits. at least the two ones that were failing. most of the other banks in europe have a lot more junior and senior debt. big fat cushions that sit between potential losses and uninsured depositors. so the likelihood of this particular situation happening again? highly unlikely. but you're going to have to be more careful. that's the bottom line. bill? >> michelle, the question we're all wondering about
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